The global thermoformed plastics market is projected to hit USD 59.74 billion by 2027, with a CAGR of 5.7% during the forecast period, as per Fortune Business Insights. The market, which was valued at USD 40.59 billion in 2019, is expected to witness robust growth, driven by the increasing demand for hygienically packaged food products.
Thermoformed plastics are materials that have been heated to a pliable forming temperature, formed into a specific shape using a mold, and then cooled to create a rigid product. This process is widely used in manufacturing for creating various types of products, from packaging to automotive components.
Here’s how the thermoforming process generally works:
- Heating: Sheets of plastic are heated to a temperature where they become pliable but not molten. This temperature varies depending on the type of plastic being used.
- Forming: The heated plastic sheet is then placed over a mold, which can be either vacuum-formed or pressure-formed. In vacuum forming, the air between the heated sheet and the mold is removed, causing the plastic to conform to the mold’s shape. In pressure forming, the mold is pressurized to force the plastic against it.
- Cooling: Once the plastic has taken the shape of the mold, it is cooled to harden and retain its shape.
- Trimming: After cooling, excess plastic is trimmed away from the formed part, leaving the final product.
Thermoforming is favored for its cost-effectiveness, speed, and versatility. It allows for the production of complex shapes and can be used with a wide range of plastic materials, including acrylics, polystyrene, polyethylene, and PVC.
Common products made through thermoforming include packaging trays, disposable cups, automotive interior components, medical trays, and even large-scale products like bathtubs and aircraft components. Thermoformed plastics find applications in various industries due to their lightweight nature, durability, and customization possibilities.
Market Drivers:
A significant driver for market growth is the rising demand for packaged food, driven by changing consumer habits. Factors such as increasing income levels and expenditures are expected to contribute positively to market growth. Thermoformed plastics offer high-barrier properties, extended shelf-life, and contamination prevention, making them ideal for food packaging, thereby boosting market growth. Additionally, the need for durable packaging in convenience foods is expected to drive demand for these plastics. The growing population and urbanization, particularly in rural areas, are also fueling market growth. Furthermore, infrastructural development and advancements in packaging techniques are expected to bolster market growth significantly.
Challenges:
The global market faces challenges due to the disrupted production and supply of plastics amid the COVID-19 pandemic. Lockdowns imposed by governments led to the closure of manufacturing facilities, severely impacting the supply chain of various essential products including dairy, medicines, sanitizers, and food packaging materials like thermoformed plastics. However, as the situation improves and lockdowns are lifted, the manufacturing sector is expected to stabilize, thereby promoting market recovery.
Regional Analysis:
North America is anticipated to witness significant growth during the forecast period, driven by rapid industrialization and technological advancements in the packaging industry. The region’s prospering healthcare sector, coupled with evolving consumer lifestyles and disposable incomes, will contribute to market growth. In Asia Pacific, particularly in developing nations like China and India, the market is expected to hold a considerable share due to the growing polymer formulations. China, being the largest supplier of plastic products, plays a significant role in the market. Rapid urbanization, improved living standards, and growth in automotive and construction sectors further boost the demand for thermoformed plastics in the region.
Key Development:
In July 2020, Anchor Packaging LLC announced the acquisition of Panoramic Inc., a manufacturer of thermoformed products. This strategic move aims to broaden Anchor Packaging’s offerings and attract customers in the bakery, confectionery, and deli sectors.
Thermoformed plastics find numerous applications across various industries due to their versatility, cost-effectiveness, and ease of customization. Some of the most common uses include:
- Packaging: Thermoformed plastics are widely used in packaging for food, electronics, pharmaceuticals, and other consumer goods. They can be formed into trays, clamshells, blister packs, and other packaging solutions to protect products during shipping and display them attractively on store shelves.
- Automotive: Thermoformed plastics are used in automotive interiors for components such as dashboards, door panels, trim pieces, and console covers. They offer weight reduction, design flexibility, and cost savings compared to traditional materials like metal and wood.
- Medical: Thermoformed plastics are used in medical applications for packaging sterile products, creating surgical trays, and manufacturing medical devices and components. They offer cleanliness, ease of sterilization, and customization options required for medical equipment.
- Electronics: Thermoformed plastics are used in electronic enclosures, housings, and packaging to protect delicate components from damage during shipping and handling. They provide electrical insulation and can be designed to meet specific size and shape requirements.
- Consumer Goods: Thermoformed plastics are used to manufacture a wide range of consumer goods, including toys, cosmetic containers, household appliances, and point-of-purchase displays. They offer durability, lightweight construction, and design flexibility to meet consumer demands.
- Aerospace: Thermoformed plastics are used in aerospace applications for interior components, such as seat backs, overhead bins, and cabin trim. They provide weight savings, resistance to fire and chemicals, and the ability to meet stringent safety standards.
- Building and Construction: Thermoformed plastics are used in building and construction for architectural panels, signage, skylights, and interior design elements. They offer weather resistance, UV stability, and design versatility for both interior and exterior applications.
- Recreation and Sports: Thermoformed plastics are used in recreational equipment such as kayaks, canoes, snowboards, and helmets. They offer lightweight construction, durability, and the ability to be molded into complex shapes for optimal performance.
These are just a few examples of the many uses of thermoformed plastics across different industries. Their versatility and ability to meet specific design and performance requirements make them valuable in numerous applications
The market for thermoformed plastics has seen steady growth over the past few years, driven by several factors:
- Increased demand from end-use industries: Industries such as packaging, automotive, medical, electronics, and consumer goods continue to demand thermoformed plastics for various applications. As these industries expand, so does the demand for thermoformed plastic products.
- Advancements in materials and technology: Technological advancements have led to the development of new materials and improved thermoforming techniques, expanding the range of applications for thermoformed plastics. New materials with enhanced properties, such as bio-based plastics and recyclable materials, are also driving market growth.
- Focus on lightweighting and sustainability: Thermoformed plastics offer lightweight solutions compared to traditional materials like metal and glass, making them increasingly attractive, especially in industries where weight reduction is critical, such as automotive and aerospace. Additionally, the growing emphasis on sustainability and recyclability is driving the adoption of thermoformed plastics made from recycled materials or biodegradable plastics.
- Customization and design flexibility: Thermoforming allows for intricate designs and customization, enabling manufacturers to create unique products tailored to specific customer needs. This flexibility appeals to industries looking for innovative and visually appealing packaging solutions or complex components with precise specifications.
- Cost-effectiveness: Thermoforming is a cost-effective manufacturing process, particularly for medium to large production runs. Its efficiency in material usage, shorter production cycles, and lower tooling costs compared to other manufacturing methods contribute to its growing popularity.
- Expanding applications: Thermoformed plastics are finding new applications in emerging sectors such as renewable energy, healthcare, and 3D printing. For example, thermoformed components are used in renewable energy systems like solar panels and wind turbines, as well as in medical devices and implants.
- Global market expansion: The market for thermoformed plastics is not limited to specific regions but has a global presence. Emerging economies, in particular, are witnessing increased adoption of thermoformed plastics due to industrialization, urbanization, and rising consumer demand.
Information Source:
https://www.fortunebusinessinsights.com/thermoformed-plastics-market-104032
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